“The first several weeks of active operations have been very busy and productive and I would like to thank all of our employees and directors for their contributions and hard work in ensuring a successful start for PrairieSky” CEO Andrew Phillips said in a release.

As part of a sweeping new strategy unveiled last fall, Calgary-based energy producer Encana (TSX:ECA) decided to separate a big chunk of its royalty lands into a new publicly traded company, PrairieSky.

PrairieSky aims to bring in revenues by allowing other energy companies to develop oil and gas on its land, which spans 5.2 million acres in southern and central Alberta.

Encana, which reports its second-quarter results on Thursday, raised about $1.67 billion from the spinoff and retains a 54-per-cent stake in PrairieSky.

PrairieSky had a high-profile initial public offering on May 29. Since then, its stock price has been well above the IPO price of $28, closing at $38.18 on the Toronto Stock Exchange on Monday.

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